Compilation: Luan Peng, ChainCatcher
Important Information:
- Circle to Relocate Global Headquarters to New York, Planned to Open in Early 2025
- Chinese "U Business" Sentenced for Trading in Black and Grey USDT, Convicted of Aiding and Abetting Crime and Confiscating Illegal Gains
- ZachXBT Monitoring: Four Stablecoin Issuers Have Blacklisted Two Addresses, Including Lazarus Group's
- First Digital CEO: Hong Kong Should Accelerate Cryptocurrency Regulation
- Data: 17 Entities Holding Over 1000 BTC Have Sold or Distributed Their Assets in the Past Two Weeks
- US Financial Industry Regulatory Authority: 55% of Z Generation in the US Prefer Investing in Cryptocurrencies
- Team Claiming to be Fans of Flappy Bird Plans to Relaunch the Game as a Cryptocurrency Project, Criticized by Users as a "Cryptocurrency Scam"
"What Important Events Have Occurred in the Past 24 Hours"
Circle to Relocate Global Headquarters to New York, Planned to Open in Early 2025
Jeremy Allaire, co-founder and CEO of Circle, announced that Circle will relocate its global headquarters to New York City and build a flagship space on the top floor of One World Trade Center, planning to open the new headquarters to the world in early 2025. He also stated that 2024 was a turning point for cryptocurrencies, with stablecoins beginning to truly break through in scale, importance, and usage, and 2025 will be the year when this concept becomes mainstream.
According to an article from the official account of the Intermediate People's Court of Jingchang, Gansu, China, the Jingchang Intermediate People's Court recently sentenced ten defendants to ten months to one year in prison for aiding and abetting cybercrime activities, confiscating more than 1.19 million yuan of illegal gains.
Since 2022, Shen and others, for illegal profit, raised funds to purchase computers, IoT cards, and other equipment, recruited Li, Chen, and four others, and recruited more than ten people to set up a USDT (Tether) trading studio in Hefei, Anhui, and other places, and formed an illegal over-the-counter trading group through the Telegram software, profiting from low buying and high selling. During this period, despite knowing that the U coins they received came from online gambling, telecom fraud, and other black and grey productions, they still helped cybercriminals in the settlement of payments between Tether and RMB at "high exchange rates." At the same time, Shen also contacted downstream "coin merchants" Li and others to settle payments through Alipay, WeChat transfers, and cash according to the payment methods specified by the upstream criminals. As of the time of the case, the defendants had made a total profit of more than 880,000 yuan, of which more than 10 victims, including Meng and others in the town of Chengguan, Yongchang County, were defrauded of more than 5.9 million yuan in funds when participating in virtual currency investments and online brushing, and the funds were all transferred to accounts related to the Tether trading used by Shen and others.
The court held that in this case, Shen and others' use of virtual currency trading activities to help cybercriminals transfer funds has gone beyond simple virtual currency business operations, and such behavior should be included as a key link in cracking down on illegal cybercrime activities throughout the entire chain, and the defendants involved should be punished.
According to ZachXBT monitoring, as of today, all four stablecoin issuers (Paxful, Tether, Techteryx, Circle) have blacklisted the following two addresses, with Lazarus Group holding $4.96 million. Another $1.65 million has been frozen on various exchanges, bringing the total amount frozen in this investigation to $6.98 million.
First Digital CEO: Hong Kong Should Accelerate Cryptocurrency Regulation
According to a report by Cointelegraph, Vincent Chok, CEO of the stablecoin issuer First Digital Trust based in Hong Kong, stated that Hong Kong should accelerate regulation in the digital asset space to avoid falling behind in a rapidly developing industry. Although Hong Kong is committed to becoming a global cryptocurrency center, currently only two virtual asset trading platforms, Hash Blockchain and OSL Digital Securities, hold full licenses, while many other exchanges are still waiting for full operational licenses.
In an interview, Vincent Chok expressed that Hong Kong's more conservative and slow approach to trading regulation can be understood, as it prioritizes investor protection. However, he pointed out that he hopes to see regulation accelerate to ensure that it does not lag behind the industry's pace of development. First Digital Trust believes that Hong Kong is not yet ready to regulate USD-backed stablecoins, while Dubai has taken a more global approach. Chok expressed anticipation for Hong Kong to introduce regulation for USD-backed stablecoins in the near future.
Additionally, Chok does not believe that banks will be eager to provide digital asset custody services, as this exceeds their risk tolerance. Many companies have already established trust structures to provide cryptocurrency custody services.
Data: 17 Entities Holding Over 1000 BTC Have Sold or Distributed Their Assets in the Past Two Weeks
According to on-chain analyst Ali's monitoring, in the past two weeks, 17 entities holding over 1000 BTC have sold or distributed their assets.
A survey by the US Financial Industry Regulatory Authority (FINRA) shows that 55% of the US Z Generation prefer investing in cryptocurrencies. The Z Generation prefers managing their finances on-chain rather than online. They consider digital banking platforms to be cumbersome and opaque. The Z Generation prefers managing their finances on-chain through decentralized financial applications and digital dollar stablecoins.
It is noted that the Z Generation refers to those born between 1997 and 2012, currently aged 12-27.
According to Protos, a team claiming to be fans of Flappy Bird plans to relaunch the classic game as a cryptocurrency project, but this move has been strongly opposed by users.
The new version will transform Flappy Bird into a Web3 game based on Solana and claims to be the "world's first open-source, community-owned Web 2 and Web 3 game." The project also mentions the FLAP token, planned to be issued on the Telegram blockchain, providing staking options and free airdrops.
However, it is currently unclear whether the token will be launched on Solana or Telegram, or if these crypto plans have been abandoned. Users have criticized the project as a "cryptocurrency scam" and expressed dissatisfaction with the team's acquisition of the rights to Flappy Bird.
Flappy Bird, a bird-flying game, became the most popular free app on the US and China iTunes in January 2014 and was described as the "new Angry Birds" on the UK App Store in the same month. The game also became the most downloaded free app in January.
In another article, Nate Geraci, President of The ETF Store, stated that there are currently no signs that a Solana or XRP spot ETF will be listed in the next one or two years.
The US Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have collaborated with multiple agencies to launch a public education program focusing on combating cryptocurrency-related scams, particularly "pig-slaughtering" scams carried out through false romantic relationships.
The Nigerian government has filed criminal charges against four individuals and multiple companies, accusing them of engaging in illegal cryptocurrency trading and money laundering without holding a banking license, including exchanging USDT for Naira.
Danny Ryan, a researcher at the Ethereum Foundation, is reported to be leaving the Ethereum ecosystem after seven years of contribution.
Bloomberg reporters have revealed that Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), has received multiple threatening emails and voicemails since 2022, some containing violent language and threats. Some threats may even come from government employees. Gensler's term will continue until 2026, but the election results may affect his tenure.
Additionally, an article discusses the lack of real innovation as the internal cause for the current bull market not yet starting, and another article delves into the future of staking and its implications for security and interests.
These are the noteworthy articles from the past 24 hours.
In order to simplify the discussion, I may refer to EigenLayer or AVS in this article to describe the general concept of restaking, but I will use this term broadly to cover all restaking protocols and the services built on them, not just EigenLayer.
The concept of EigenLayer and restaking has opened Pandora's box.
In concept, it makes a lot of sense to extend the economic security of a highly liquid and globally accessible asset. This allows developers to create applications on the chain without needing to establish an entirely new ecosystem for their project-specific tokens.
Everyone is talking about the US election, how will it affect the crypto market?
There is a saying in the former Soviet Union, "You may not be interested in politics, but politics is very interested in you." Politics has a significant impact on the functioning of the state machinery, affecting individuals, institutions, companies, and business operations. The crypto market is no exception.
The impact of the Bitcoin halving event on BTC prices has been minimal. So, does the US election have an impact on the crypto market? First, let's observe the impact of the election on traditional financial markets.
In this podcast, hosts Dave and Capital K invited Zon and Stan, the co-founders of Initia, to discuss their innovative work in the multi-chain world and modularization. Zon expressed ongoing support for the show and mentioned his encounters with Dave at multiple conferences.
The RWA sector seems to be quietly making a fortune in this atypical bull market.
While emotions are easily influenced by memes, a closer look at the data reveals that the performance of tokens in the RWA track this year may be better than most other token tracks.
As US bonds become the largest RWA, the trend of the track being influenced by macroeconomic factors will become more apparent.
Recently, Binance Research Institute released a detailed report titled "RWA: A Safe Haven for On-Chain Yields?," analyzing the landscape, projects, and performance of the RWA track.
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